Financial Modelling for Project Finance

Penny began working in the City of London in 1981 with the financial modelling team of Morgan Grenfell, a British merchant bank. The team used the bank's mainframe computer with an in-house modelling language written in Fortran. She was therefore involved from the very beginning with the use of spreadsheets for cashflow modelling, when PCs running Lotus 123 first became available. Her work with Morgan Grenfell, and later with Chase Investment, bank included modelling across industry, including North Sea oil and gas, power, road, rail, water and telecomms. Funding structures modelled included leasing, BOT and PFI deals and DCF project valuations as well as pure project finance deals. In 1992 she left Chase to start Lynch Financial Modelling and has continued to provide modelling, model review and training services to project developers, advisors, funders and sponsors. In 1997 Euromoney comissioned the first edition of Financial Modelling for Project Finance.